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There are several myths about forex brokers and here we are going to look at 3 common ones which lead to clients losing. If you don't understand and avoid these myths you will lose...
1. Brokers Hunt Stops
This is one of the biggest myths of all and is normally put about buy forex day traders and scalpers. If you are using this method of trading you may be tempted to blame your broker and think you're unlucky, but you're not day trading and scalping simply doesn't work!
Rather than blame your broker look at your methodology of trading. I have worked in a brokerage and can tell you they love day traders why? Because they get lots of trades and commission (or make on the spread) and if they are market makers ( and a huge amount are) they know that the account equity is going in their pocket 100%.
A forex broker knows 95% of traders lose. Most are market makers i.e. trading against the client so they know 95% of the account equity goes into their pockets - they don't need to hunt stops.
2. The More Leverage the Better
Many forex brokerages today offer 400:1 in leverage and many traders see that as an advantage.
The fact is most retail trader's leverage up there small accounts so much there bound to get blown out the water. More forex accounts are wiped out for over leveraging than ANY other reason.
If you choosing a broker most offer 100:1 and this is ample most traders should be leveraging no more than 10 - 20:1 anyway. Don't think your broker is being generous by giving you more leverage; they are giving you a potential noose to hang yourself.
If you want to make money in forex don't be tempted to use too much leverage or you will lose.
3. Broker Advice
They often offer research and breaking news etc but this is total waste of time and you should NEVER be looking to get any advice from a broker - that's not their role. Their role is providing you with the mechanism to trade and nothing more.
If you seek advice from a broker or trade news stories you need to forget about forex trading as you will lose. The best advice is your own from your own forex trading strategy.
Forex Brokers Provide You With the Key to Build Wealth
Today trading in forex is easier and online forex brokerages have bought trading to the masses and allow you to trade with smaller amounts and with higher leverage than ever before and that's good.
Keep in mind most brokers are market makers and to a degree that is why the service you get is so good, they are the bookmaker and you are trading in the market via them and if they are a market maker they hold the opposite position.
If you lose they win that's not a bad thing, it means you get a great service and it's up to you to prove them wrong. If there in the middle or not 95% of traders still lose only 5% win, so avoid the forex broker myths above, get a good forex trading education and win.
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